Lithium Australia Identifies Lithium-Bearing Pegmatites at Lake Johnston Projects, Announces Takeover Bid for Lepidico

Lithium Australia (ASX:LIT) reported that newly acquired airborne geophysics data from the infill airborne magnetic and radiometric clearly identified known and possibly buried lithium-tantalum bearing pegmatites in the Company’s Mt Day, Poseidon Nickel Ltd (ASX:POS) and Lefroy Exploration Ltd (ASX: LEX) Lake Johnston Projects, 420 km east of Perth.
The company also announced a takeover bid for Lepidico (ASX: LPD) for a conditional off-market scrip bid valued at A$23.8 million.
As quoted in the press release:

Highlights:

• Ring-shaped potassium anomalies coincide with mapped lithium-tantalum bearing pegmatites
• Multiple potassium anomalies without rock expressions are interpreted to be shallowly buried pegmatites
• Deep-seated and cross-cutting faults may represent the ‘plumbing system’ for the pegmatites

Lithium Australia NL’s (ASX: LIT) newly acquired airborne geophysics data from the infill airborne magnetic and radiometric completed in December 2016 has clearly identified known and possibly buried lithium-tantalum bearing pegmatites in the Company’s Mt Day, Poseidon Nickel Ltd (ASX:POS) and Lefroy Exploration Ltd (ASX: LEX) Lake Johnston Projects, 420 km east of Perth. The survey covered areas of the Lake Johnston Greenstone Belt where the Maggie Hays Formation has been intruded by lithium-tantalum bearing pegmatites. Previous airborne geophysics was not detailed enough to understand the geological and structural setting of the pegmatites. Based on the new 50 m line spaced data, the majority of the known lithium-tantalum bearing pegmatites are coincidental with ring-like, potassium radiometric anomalies (Figure 1). Pegmatite outcrops defined through satellite imagery interpretation and field reconnaissance, conducted by the LIT in September 2016 (LIT ASX release 25 October 2016), confirm that many of the pegmatite outcrops are circular in outcrop (Figure 2) and are possibly related to late-stage ring fractures. It is further interpreted that the low to moderate amplitude potassium anomalies without any rock expression are related to shallowly buried pegmatites.

Click here for the full press release on Lake Johnston Project.
From the Lepidico takeover bid press release:

The basis of the offer will be one LIT fully paid ordinary share for every 13.25 fully paid ordinary shares in LPD (the Bid).
LIT notes that the Bid price is a significant premium to the current trading price and values LPD at a 13%
premium to the prices of both companies at close of trading on ASX on Friday 3 February 20172 and is at
a 9% premium based on the 10 day VWAP of both companies.

Click here for the full press release on takeover bid for Lepidico.
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